Section 21: Restriction on Operations of Merchant Bank.

(1) A merchant bank shall not-
(a) accept any deposit withdrawable by cheque;
(b) accept any deposit below an amount which shall be prescribed, from time to time, by the Bank; or
(c) hold, for more than six months, any equity interest acquired in a company while managing an equity issue, except as stipulated in section 20 of this Act.
(2) Any merchant bank which contravenes any of the provisions of this section is liable to a penalty of not less N20,000,000 and an additional penalty of N500,000 for each day during which the contravention continues.